Entrepreneur Kevin Boothby, who runs two other greyhound tracks, has bought a 10-year lease at Oxford Stadium and greyhound racing and speedway could now return.
After securing the lease from Galliard Homes he said earlier: "We're delighted we've got it over the line now and we can look to the future and get greyhound racing back there and we'll also look at other things.
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"It's so important that we've got it back and fair play to the council and the local community - we need to deliver them a fantastic business for the local area and create a lot of jobs."
He is open to speedway returning as well if a viable plan can be put in place.
Businessman Nik Budimir was close to submitting an offer to buy the facility in Sandy Lane, Cowley, last year and turn it into a multi-use venue.
The entrepreneur said he was willing to invest up to £25m re-establishing greyhound racing, speedway and a dance school at the stadium, while adding a boxing club and possibly a rugby sevens pitch.
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There has been no greyhound racing action there since 2012, but the aim is for it to return as soon as possible.
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